China is by far the biggest manufacturer of electric cars. There are 487 Chinese electric automakers and still counting.
China has a very proactive policy towards how many electric cars they want on the road in the future, and they are subsidizing this growing number of electric car companies with a lot of money. So it is no surprise that the electric car companies are popping up like mushrooms all over the country.
In June, a 47-billion-dollar fund was announced for electric vehicles, and other high-tech industries by the China Construction bank, and the National Development and Reform Commission. This adds up to the total of 15 billion dollars in regional government funding in the past five years.
With so many manufacturers of electric cars, there is going to be some pretty hard competition. Not only will the companies compete against each other. They will also compete against much bigger and more well-established companies like Hyundai, Nissan, Volkswagen, BMW, Mercedes-Benz etc. BMW, Volvo, and Mercedes-Benz already have factories in China. Tesla is on its way.
Last year around 770.000 electric vehicles were sold in China. That is almost half of the total sale worldwide. Some of the car companies will make it and some want. Examples of electric car makers that seem to make it in the competition and is spoken about in Europe and USA is Byton, NIO, and Singulato.
Source: EV Bite